Real estate market strengthening in Cayman

CIREBA report cites improving economy

The outlook for the market in the Cayman Islands still looks positive for 2017 and onward, according to a report this week from the Cayman Islands Real Estate Brokers Association.

“The rental market is growing along with the population of the islands. Cayman tourism is doing well with both stay-over and cruise tourism numbers remaining steady in addition to development across the island,” CIREBA said in its report.

Jeanette Totten, CIREBA president, said, “I believe that when you look at how things are trending in Cayman on a macro level – taking things such as real estate sales, public and civic development, improvements to infrastructure and the favorable laws in this country with respect to taxation and private business – you see the Cayman Islands continuing to grow, prosper and move in a positive direction with respect to future growth and economic stability.”

The report notes that while outside influences such as the U.S. elections and the U.K. Brexit vote may affect the Cayman economy, any effects have yet to be seen. “However, for the moment it seems that Cayman is in a great position and can look forward with renewed confidence,” the report notes.

Recovery from the recession continues, the report says, “particularly with waterfront properties. This trend has continued through 2016 which is indicating that the market is strengthening and things overall are looking up. House prices are rising, there are new developments across the island and there is a sense of increased investor confidence.”

The report states that overall, real estate sales figures for 2016 are comparable with those of 2015. “The waterfront market appears to be improving at a faster rate than other segments of the market with growth centered around Seven Mile Beach condominiums.

“This coupled with strong demand and limited supply are resulting in a shift toward a seller’s market, which suggests that 2017 may see availability being a bigger issue than pricing. There is also increased popularity in canal-front homes partly as they are more affordable than ocean properties but still offer buyers outstanding views and waterfront locations.”

Overview

The report cites new and continued development across the island “and evidence of economic growth with the National Statistics office reporting a 3 percent growth in the first half of 2016.”

Among the projects cited are the expansion of Owen Roberts International Airport, the construction of transportation links and two new underpasses on West Bay Road and the Esterley Tibbetts Highway, the expansion of the bypass to a four-lane highway.

The report also notes that the purchase of land near George Town by Cayman Enterprise City has for its permanent location, the expansion of Camana Bay and Health City, several large developments in South Sound, and the Ironwood development in Frank Sound.

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